CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2026 OPERATING RESULTS
CAMDEN PROPERTY TRUST (CPT) filed an SEC Form 8-K — Results of Operations and Financial Condition. CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2026 OPERATING RESULTS Houston, Texas (November 5, 2026) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and nine months ended September 30, 2026. Net Income Attributable to Common Sh
How this was made
The 30-second read
Why it matters
The guidance revision is modest but provides fresh data for traders to reassess valuation.
Market read
First‑report earnings and guidance update for a large REIT, offering actionable insight for housing‑sector investors.
What to watch
Robust cash flow from recent asset sales and a sizable share repurchase program may support the price despite the guidance tweak.
Camden Property Trust reported third-quarter 2026 Core FFO of $1.71 per diluted share, above its 3Q26 guidance midpoint of $1.69, while same-property NOI declined (0.2)% year over year and full-year same-property NOI guidance was reduced to (1.50)% - (0.50)%.
Core FFO exceeded the quarterly guidance midpoint and the company repurchased $50.0 million of shares, but same-property NOI declined (0.2)% year over year, property revenues declined from $395,676 to $381,061, and 2026 same-property NOI growth guidance was reduced to (1.50)% - (0.50)% from (0.60)%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Property revenues, three months ended September 30 (in thousands)GAAP | $381.1M | – | – |
| Property operating and maintenance expenses, three months ended September 30 (in thousands)GAAP | $93.67M | – | – |
| Real estate taxes, three months ended September 30 (in thousands)GAAP | $47.12M | – | – |
| Total property expenses, three months ended September 30 (in thousands)GAAP | $140.8M | – | – |
| Net income, three months ended September 30 (in thousands)GAAP | $906.8M | – | – |
| Net income attributable to common shareholders, three months ended September 30 (in thousands)GAAP | $900.4M | – | – |
| Total earnings per common share, diluted, three months ended September 30GAAP | $8.71 | – | – |
| Total earnings per common share, basic, three months ended September 30GAAP | $8.79 | – | – |
| Funds from operations, three months ended September 30 (in thousands)non-GAAP | $176.4M | – | – |
| Funds from operations per diluted share, three months ended September 30non-GAAP | $1.70 | – | – |
| Core funds from operations, three months ended September 30 (in thousands)non-GAAP | $178.0M | – | – |
| Core funds from operations per diluted share, three months ended September 30non-GAAP | $1.71 | – | – |
| Core adjusted funds from operations, three months ended September 30 (in thousands)non-GAAP | $147.7M | – | – |
| Core adjusted funds from operations per diluted share, three months ended September 30non-GAAP | $1.42 | – | – |
| Net operating income, three months ended September 30 (in thousands)non-GAAP | $240.3M | – | – |
| Same Property net operating income, three months ended September 30 (in thousands)non-GAAP | $210.9M | 0.6% | (0.2)% |
| Same Property revenues growth, three months ended September 30other | (0.1)% | 0.0% | (0.1)% |
| Same Property expenses growth, three months ended September 30other | (0.1)% | (1.0)%“ | (0.1)% |
| Effective new lease rates, 3Q26other | (2.0)% | – | – |
| Effective renewal rates, 3Q26other | 3.6% | – | – |
| Effective blended lease rates, 3Q26other | 1.0% | – | – |
| Occupancy, 3Q26other | 95.6% | – | – |
| Impairment associated with land development activities, three months ended September 30 (in thousands)GAAP | −$86.40M | – | – |
| Gain on sale of operating properties, including land, three months ended September 30 (in thousands)GAAP | $973.5M | – | – |
| Property revenues, nine months ended September 30 (in thousands)GAAP | $1.16B | – | – |
| Total property expenses, nine months ended September 30 (in thousands)GAAP | $421.8M | – | – |
| Net income attributable to common shareholders, nine months ended September 30 (in thousands)GAAP | $961.6M | – | – |
| Total earnings per common share, diluted, nine months ended September 30GAAP | $9.26 | – | – |
| Funds from operations per diluted share, nine months ended September 30non-GAAP | $4.52 | – | – |
| Core funds from operations per diluted share, nine months ended September 30non-GAAP | $5.10 | – | – |
| Core adjusted funds from operations per diluted share, nine months ended September 30non-GAAP | $4.37 | – | – |
| Net operating income, nine months ended September 30 (in thousands)non-GAAP | $741.0M | – | – |
| Adjusted EBITDAre, three months ended September 30 (in thousands)non-GAAP | $223.4M | – | – |
| Annualized Adjusted EBITDAre, three months ended September 30 (in thousands)non-GAAP | $893.8M | – | – |
| Net Debt to Annualized Adjusted EBITDAre, three months ended September 30non-GAAP | 4.0x | – | – |
| Cash and cash equivalents as of September 30, 2026 (in thousands)GAAP | $168.7M | – | – |
| Restricted cash as of September 30, 2026 (in thousands)GAAP | $438.6M | – | – |
| Unsecured notes payable as of September 30, 2026 (in thousands)GAAP | $3.92B | – | – |
| Secured notes payable as of September 30, 2026 (in thousands)GAAP | $306.8M | – | – |
| Distributions declared per common share, three months ended September 30other | 1.06 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
4Q26 and 2026 outlook
- Revenue2026 Same Property Revenues: (0.25)% - 0.25%
- Operating expenses2026 Same Property Expenses: 1.50% - 2.00%
- Note4Q26 Expected EPS per diluted share: $0.12 - $0.16
- Note2026 Expected EPS per diluted share: $9.42 - $9.46
- Note4Q26 Expected FFO per share - diluted: $1.61 - $1.65
- Note2026 Expected FFO per share - diluted: $6.13 - $6.17
- Note4Q26 Expected Core FFO per share - diluted: $1.63 - $1.67
- Note2026 Expected Core FFO per share - diluted: $6.73 - $6.77
- Note2026 Same Property NOI: (1.50)% - (0.50)%
- Note2026 Core FFO guidance excludes approximately $0.60 per share of non-core charges for casualty-related expenses, net of recoveries, legal costs and settlements, expensed transaction, development, and other pursuit costs, and investment losses.
Capital returns
- Camden repurchased 474,660 common shares at an average price of $105.34 per share for a total of $50.0 million during the quarter.
- Year to date, Camden repurchased 4,536,826 common shares at an average price of $104.22 per share for a total of $472.8 million.
- The Company currently has $247.9 million remaining under its stock repurchase program.
- Distributions declared per common share were 1.06 for the three months ended September 30, 2026 and 3.18 for the nine months ended September 30, 2026.
What drove it
- Same-property revenues declined (0.1)% year over year, while same-property expenses declined (0.1)%, producing a (0.2)% decline in same-property NOI.
- Effective new lease rates were (2.0)%, effective renewal rates were 3.6%, and effective blended lease rates were 1.0% in 3Q26.
- The company acquired Camden Brandon, Camden LoSo, and Camden Gulch for a combined $305.2 million, and acquired a land parcel in Tampa, FL for approximately $18.3 million.
- On July 29, 2026, Camden sold its California portfolio of 11 operating communities with 3,620 apartment homes for an aggregate sales price of approximately $1.6 billion and recognized a gain of approximately $1.0 billion.
- Construction commenced at Camden RTP. Leasing continued at Camden Village District and Camden South Charlotte, and leasing began at Camden Blakeney.
Concerns
- Same-property NOI declined (0.2)% year over year in 3Q26, and 2026 same-property NOI growth guidance was reduced to a range of (1.50)% - (0.50)%.
- Property revenues were $381,061 for the three months ended September 30, 2026, compared with $395,676 for the three months ended September 30, 2025.
- FFO per diluted share was $1.70 compared with $1.67, but Core FFO per diluted share was $1.71 compared with $1.70 and Core AFFO per diluted share was $1.42 compared with $1.43.
- GAAP EPS of $8.71 included approximately $9.37 per share of gain on sale of the California portfolio, partially offset by $0.83 per share of impairments associated with land development activities.
- Effective new lease rates remained negative at (2.0)%.
What to watch
- Fourth-quarter expected Core FFO per diluted share guidance of $1.63 - $1.67.
- 2026 same-property revenue growth guidance of (0.25)% - 0.25%, same-property expense growth guidance of 1.50% - 2.00%, and same-property NOI growth guidance of (1.50)% - (0.50)%.
- Lease-rate progression, including effective new lease rates of (2.0)%, renewal rates of 3.6%, and blended lease rates of 1.0% in 3Q26.
- Lease-up progress at Camden Village District, Camden South Charlotte, and Camden Blakeney, as well as construction at Camden RTP.
- Funding of approximately $209.3 million remaining in the wholly-owned development pipeline and use of the remaining $247.9 million under the stock repurchase program.
Balance sheet and cash flow
- As of September 30, 2026, Camden had approximately $1.8 billion of liquidity, comprised of approximately $0.6 billion in cash and cash equivalents and 1031 related accounts and approximately $1.2 billion of availability under its unsecured credit facility and commercial paper program.
- At quarter end, the Company had approximately $209.3 million left to fund under its existing wholly-owned development pipeline.
- During the quarter, Camden issued a $350 million unsecured term loan facility with a maturity date of July 2027 and extended the maturity date of its $40 million unsecured floating rate term loan to September 2028.
- Camden repaid a $12.0 million secured note plus accrued interest during the quarter.
- In October 2026, Camden utilized cash on hand and its commercial paper program to redeem at par its $500 million senior unsecured notes payable that were scheduled to mature in November 2026.
- Operating cash flow and free cash flow were not reported.
Analysis
Camden's third-quarter operating results showed modest pressure in the same-property portfolio. Same-property revenue declined (0.1)% year over year and same-property expenses also declined (0.1)%, resulting in a (0.2)% decline in same-property NOI. Sequentially, same-property revenue was 0.0%, expenses declined (1.0)%, and NOI increased 0.6%. Occupancy was 95.6%, compared with 95.5% in 3Q25 and 95.7% in 2Q26. New lease rates remained negative at (2.0)%, while renewals were 3.6%, producing 1.0% effective blended lease-rate growth.
Core FFO was $1.71 per diluted share, compared with $1.70 in the prior-year quarter and above the 3Q26 guidance midpoint of $1.69. FFO was $1.70 per diluted share, compared with $1.67. Core AFFO was $1.42 per diluted share, compared with $1.43. GAAP diluted EPS was $8.71 versus $1.00, but this result was shaped by approximately $9.37 per share of gain on sale of the California portfolio, partly offset by $0.83 per share of impairments associated with land development activities.
The portfolio reshaping was substantial. Camden sold its California portfolio of 11 operating communities with 3,620 apartment homes for approximately $1.6 billion and recognized a gain of approximately $1.0 billion. Approximately $0.9 billion of proceeds was used to retire balances under the unsecured revolving credit facility and commercial paper program. The company also acquired three communities for a combined $305.2 million, acquired a Tampa land parcel for approximately $18.3 million, and advanced development activity across Raleigh and Charlotte.
Capital allocation included $50.0 million of quarterly share repurchases and $472.8 million year to date, leaving $247.9 million available under the repurchase program. Camden reported approximately $1.8 billion of liquidity and approximately $209.3 million remaining to fund in its wholly-owned development pipeline. The company also issued a $350 million unsecured term loan facility, repaid a $12.0 million secured note plus accrued interest, and subsequently redeemed $500 million of senior unsecured notes payable at par.
The full-year outlook frames the principal operating issue. Camden now expects 2026 same-property revenue growth of (0.25)% - 0.25%, same-property expense growth of 1.50% - 2.00%, and same-property NOI growth of (1.50)% - (0.50)%. Its 2026 Core FFO midpoint remained $6.75 per diluted share, while the FFO midpoint increased to $6.15 from $6.12. The 2026 EPS midpoint declined to $9.44 from $9.93, and the stated EPS outlook excludes gains, if any, from future real estate transactions.
Not in the filing
stated, not guessed- A separate previous-release outlook was not provided, so actual results were not compared with prior guidance in vs_prior_guidance.
- Consolidated total revenue was not separately reported; property revenues were reported.
- Gross margin was not reported.
- Operating income or loss was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Tax rate was not reported.
- No named executive commentary or named executive quotes were provided.
- No reportable operating segments with segment revenue were provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Camden Property Trust filed an 8‑K announcing Q3 operating results and revised 2026 guidance.
Ticker impact
Camden Property Trust reported Q3 2026 results and updated its 2026 earnings guidance, including a slight reduction in EPS guidance.
likely modest downside pressure as the market prices in the slightly updated EPS guidance
The EPS guidance range narrowed to $9.42-$9.46 from a prior $9.44, indicating a small downward revision that may prompt short‑term selling.
Market effects
The REIT sector may see slight pressure as a large multifamily landlord trims guidance.
U.S. real estate investors could adjust exposure to residential REITs.
Limited; impact confined to U.S. REIT and housing market participants.
Counterpoint
If the market overreacts to the modest EPS dip, the stock could rebound on strong underlying occupancy and development pipeline.
Key entities
- CompanyCamden Property Trust
U.S. multifamily REIT listed on NYSE.
